The Worldwide IoT IAM Industry is Expected to Reach $14 Billion by 2027 - ResearchAndMarkets.com

The "Global IoT IAM Market by Component (Solutions and Services), Security Type (Network Security, Endpoint Security, Application Security, and Cloud Security), Deployment Mode, Organization Size, Vertical and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global IoT IAM market size is expected to grow from USD 5.6 billion in 2022 to USD 14.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 20.1% during the forecast period.

With the rapid and widespread adoption of IoT devices, practically every industry sector is exposed to IoT botnet-based cybersecurity threats. Therefore, organizations across the globe are adopting IoT security and deploying advanced IAM solutions to safeguard their connected computing and personal devices.

COVID-19 has been one of the biggest global challenges of the current generation. The ongoing projects were paused due to a decline in the budgets. The projects, which were highly strategic initiatives and projects involving technologies directly linked to COVID-19, were not put on hold. New trends emerge such as work from home infrastructure, collaboration tools, virtualization infrastructure, VPN networking, mobile devices, security and desktop support. Due to BYOD and virtual working trends, there was a high rise in cyberattacks.

The increase in cyberattacks and new vulnerabilities is leading organizations worldwide to rethink their security setups. To manage employees working from home, companies rely extensively on remote-based monitoring of the workforce, enhancing the demand for IoT solutions. This helps bring transparency, provide real-time tracking, improve safety, and ensure meeting government compliance. However, the cybersecurity of remote workforce and enterprises plays a vital role in catering to their clients during lockdowns. Therefore, it offers opportunities for the IoT identity and access management market.

The small and medium sized enterprises are estimated to account higher CAGR during the forecast period

SMEs are increasingly investing in the Internet of things (IoT) to gain a competitive edge. Instead of full-scale investment in IoT, SMEs opt for secure and stable IoT platforms. These platforms facilitate these SMEs to overcome technical challenges without having to solve them internally.

Also, to protect IoT applications and networking devices from unauthorized access, vulnerabilities, and attacks, SMEs opt for IAM solutions. Cybercriminals intend to benefit from the poor security in this segment by using the automation technique to attack many applications at a time. Hence to protect data and integrity and user confidential information, SMEs are opting for IAM solutions.

Among regions, APAC to hold a higher CAGR during the forecast period

The growth of the IoT IAM market in APAC is highly driven by technological advancement across the region. China is anticipated to be the leading country for IoT IAM Market growth in Asia Pacific, followed by Japan. IoT IAM market continues to grow steadily across multiple industries like transportation, retail, manufacturing, resources, and utilities driven by the increased capacity and reliability of fiber and cellular network infrastructure.

The increased focus on building smart infrastructures such as wider connectivity coverage, 5G deployment, public wi-fi zones, smart grid, and initiatives like smart cities, Industry 4.0, and special economic zones are the main driving factors for the IoT IAM market growth in the countries across Asia Pacific region.

Market Dynamics

Drivers

• Rise in Adoption of BYOD Trend
• Increase in Frequency of Cybersecurity Breaches and Cyberattacks
• Increased Integration of IAM with IoT Devices

Restraints

• Cost and Budget Concerns of IoT IAM Solutions

Opportunities

• Adoption of Bring Your Own Identity (Byoi) Approach
• Rise in Adoption of Biometric Technologies Through Smartphones, Laptops, and Tablets
• Government and Private Sector Cyber Security Mandates

Challenges

• Lack of Security, Expertise, and Awareness

Companies Mentioned

• AWS
• Blue Ridge Networks
• Broadcom
• Cisco Systems
• Cyberark
• Dell EMC
• Digicert
• Entrust
• Ericsson
• Forgerock
• Fusionauth
• Globalsign
• Google
• Hid Global
• IBM
• Identity Fusion
• Kaaiot
• Keyfactor
• Micro Focus
• Microsoft
• Okta
• One Identity
• Opentext
• Optiv Security
• Oracle
• Ping Identity
• Sailpoint
• Sectigo
• Thales
• Verimatrix

For more information about this report visit https://www.researchandmarkets.com/r/blh8yq

View source version on businesswire.com: https://www.businesswire.com/news/home/20220714005395/en/